A Look at the Countries Where Bitcoin Is Illegal: When Bitcoin was first made available to the public in 2009, it gave the world its first taste of decentralized financial systems. Since tax authorities, law enforcement agencies, and regulators all over the globe are still debating the best way to handle bitcoin, many individuals are curious as to whether or not they may use bitcoin in a lawful manner.
Even if Bitcoin is accepted in a variety of locations, there are still certain nations that are concerned about cryptocurrency due to its volatility and lack of centralized authority. Some individuals see it as a danger to their existing financial systems and are concerned that it may be used to finance criminal activities such as the distribution of illegal drugs, the laundering of illicit funds, and acts of terrorism. Several nations’ governments have gone so far as to expressly criminalize the use of digital currency, while others have made efforts to eliminate all support for it inside their banking and financial systems.
It is against the law to purchase, sell, use, or maintain any kind of virtual money in Algeria. The legislation that made the usage of cryptocurrencies illegal was enacted in 2018, and it was approved.
Bolivia
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
The usage of bitcoin has been completely outlawed in Bolivia since since the year 2014. This currency, like with all others that are not governed by a nation or economic zone, was declared illegal by the Bolivian Central Bank.
Colombia
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
People in Colombia cannot get their banks to assist them purchase or sell bitcoins. The Superintendencia Financiera informed financial institutions in 2014 that they were prohibited from “protecting, investing, brokering, or managing operations with virtual money.”
Egypt
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
In 2018, Dar al-Ifta, the preeminent Islamic advisory body in Egypt, issued a religious judgement labeling Bitcoin transactions as “haram,” which means they are forbidden and hence in violation of Islamic law. In September of 2020, Egypt’s financial rules will become more stringent, even if they do not have the force of law and are not legally enforceable. This is done to prevent individuals from trading or promoting cryptocurrencies without a license from the Central Bank.
Beginning on January 1, 2018, it will be against the law to utilize cryptocurrencies like Bitcoin as a method of payment according to new regulations that have been issued by Indonesia Bank Indonesia, the country’s central bank.
Iran
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
The link between Bitcoin and the government of Iran is not an easy one to understand. Iran has resorted to Bitcoin mining, which can produce a lot of money, to pay for imports and escape the harshest consequences of crushing economic sanctions. This has allowed Iran to sidestep some of the worst effects of the sanctions.
In spite of the fact that the Central Bank does not permit the trade of cryptocurrencies created outside of the nation, it has offered financial incentives for Bitcoin mining inside the country.
India
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
India is taking a stance that is more unfavorable toward cryptocurrencies. On November 23, the government said that it intended to introduce a new law to the Indian parliament that would establish a new digital currency backed by the central bank and prohibit practically all existing cryptocurrencies. The measure would also allow the government to issue its own digital currency.
Iraq
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
In spite of the fact that the central government makes repeated efforts to discourage its citizens from adopting cryptocurrencies, the market for these digital assets continues to grow. They have received particularly hostile treatment from the Iraqi Central Bank. In 2017, it was stated that individuals were not permitted to make use of them, and that regulation is still in effect today. At the beginning of the year 2021, the Ministry of the Interior of the Kurdistan regional government informed money brokers and exchanges that they were prohibited from dealing with cryptocurrencies.
Kosovo
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
Even though it is not currently against the law to hold or trade bitcoin assets in Kosovo, the government there has made it unlawful to mine cryptocurrency, claiming a rising energy problem as the reason. This prohibition went into effect at the beginning of January. The nation, which just recently proclaimed its independence in 2008, is now dealing with the most severe power shortages it has ever experienced. In an effort to reduce energy use, there will be planned outages of the power supply.
Nepal
Since August of 2017, the Nepal Rastra Bank has said that the use of bitcoin is in violation of the law.
The North Macedonian State
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
At this time, only North Macedonia, which is located in Europe, has passed a legislation that criminalizes the use of cryptocurrencies such as Bitcoin, Ethereum, and others.
Turkey
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
Many individuals in Turkey moved their money into cryptocurrencies as the value of the Turkish lira continued to decline. Regulations were rushed into effect earlier this year when the rate of inflation hit its greatest point in April. The United States has among of the highest usage rates in the world.
Vietnam
Where the Law Prohibits Bitcoin: Please note that all photos and videos are protected by copyright and belong to their respective owners.
According to the announcement made by the State Bank of Vietnam, it is against the law to issue, sell, or use Bitcoin and other cryptocurrencies as a form of payment. Violators face penalties ranging from 150 million to 200 million Vietnamese Dong.